The iPhone Xs will feature a 5.8-inch all-screen display that includes custom OLED panels and boasts what Apple says is the first 7-nanometer chip in a smartphone: the A12 Bionic, which can process 5 trillion operations per second.

A larger, 6-5 inch version, called the iPhone Xs Max, was also announced. It features the iPhone's biggest battery in its product line. Both models can hold up to 512GB of storage.

Both phones will be made available in the same gray and silver colors as the current iPhone X as well as a new gold color.

A third, lower cost model was also announced -- with a 6.1-inch screen and the same A12 Bionic chip as the other iPhones, but lower storage options, a single 12-megapixel camera, and a smaller battery. The phone will also feature aluminum edges instead of the stainless steel used on the iPhone Xs models and come in multiple colors like black, red, white, blue and orange.

The iPhone Xs and iPhone Xs Max will be released in September. The iPhone Xs will start at $999 and the iPhone Xs Max will start at $1099, while the third model will ship in October and start at $749.

The company also announced Series 4 of the Apple Watch, with prices starting at $399 for devices without cellular capabilities and $499 for watches with cellular.

Despite a smaller case, the new smartwatches feature the most drastic redesign since they were launched in 2014, including 30-percent larger screens that span the edges of the face, allowing for more information to be displayed.

The watch has a speaker that is now 50 percent louder and includes health features, such as fall-detection capabilities and a heart rate sensor that can take electrocardiograms.